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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Lake Wales, FL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lake Wales, FL Housing Market Trends

With 16,774 people, 6,734 houses or apartments, and a median cost of homes of $286,924, Lake Wales real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Lake Wales, accounting for 66.70% of the city's housing units. Other types of housing that are prevalent in Lake Wales include large apartment complexes or high rise apartments ( 14.57%), duplexes, homes converted to apartments or other small apartment buildings ( 12.20%), and a few mobile homes or trailers ( 4.61%).

The most prevalent building size and type in Lake Wales are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.19% owning and 41.81% renting.

There is a lot of housing in Lake Wales built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lake Wales built between 2000 and later ( 36.44%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.66%). There's also some housing in Lake Wales built before 1939 ( 5.09%).

Vacant housing appears to be an issue in Lake Wales. Fully 17.69% of the housing stock is classified as vacant. Left unchecked, vacant Lake Wales homes and apartments can be a drag on the real estate market, holding Lake Wales real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Lake Wales Home Appreciation Rates

In the last 10 years, Lake Wales has experienced some of the highest home appreciation rates of any community in the nation. Lake Wales real estate appreciated 179.22% over the last ten years, which is an average annual home appreciation rate of 10.81%, putting Lake Wales in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lake Wales definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Lake Wales appreciation rates have trailed the rest of the nation. In the last twelve months, Lake Wales's appreciation rate has been 4.09%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lake Wales were at -0.13%, which equates to an annual appreciation rate of -0.53%.

Notably, Lake Wales's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Florida, our data show that Lake Wales's latest annual appreciation rate is lower than 50% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lake Wales differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake Wales - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lake Wales real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$286,924

Lake Wales, FL Home Prices
> $1,573,000
$1,179,001 - $1,573,000
$786,001 - $1,179,000
$629,001 - $786,000
$472,001 - $629,000
$315,001 - $472,000
$157,001 - $315,000
$79,001 - $157,000
$0 - $79,000
0.6%
0.6%
0.4%
0.4%
2.4%
2.4%
1.4%
1.4%
5.9%
5.9%
27.1%
27.1%
35.0%
35.0%
18.2%
18.2%
9.0%
9.0%
0% 100.0%
% of Homes
Low

for Florida

Average

for nation

Number of Homes And Apartments:

6,734

Lake Wales Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,673 / per month

Homeownership Rate

Owners
Renters
58.2%
58.2%
41.8%
41.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
17.7%
17.7%
82.3%
82.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
36.4%
36.4%
38.8%
38.8%
19.7%
19.7%
5.1%
5.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
66.7%
66.7%
1.9%
1.9%
12.2%
12.2%
14.6%
14.6%
4.6%
4.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.7%
1.7%
10.6%
10.6%
37.1%
37.1%
39.8%
39.8%
9.9%
9.9%
0.9%
0.9%
0% 100.0%
% of Homes